EUR/CAD: sell targets

Dima Chernovolov

• EUR/CAD reached sell targets 1.3900 and 1.3800

• Next sell targets - 1.3500 and 1.3400

EUR/CAD has been falling strongly in the last few trading sessions – following the breakout of the support zone located between the support levels 1.3900 and 1.3800 (both of these levels were set as the sell targets in our previous report for this currency pair). The breakout of this support zone accelerated the downward momentum – helping the price break the support trendline of the daily down channel from March of 2014 – which further accelerated the downward movement (as you can see below).

EUR/CAD is expected to fall further in the active minor impulse 3 (which belongs to the 3rd intermediate impulse (3) from the end of January) toward the next sell targets – 1.3500 and 1.3400 (target price for the termination of impulse wave 3).